The balance sheet contains the major sections (a-k) listed below. A listing of account titles (1-12) follows.
a.Current assetsg.Long-term liabilitiesb.Long-term investmentsh.Other liabilitiesc.Property, plant, and equipmenti.Contributed capitald.Intangible assetsj.Retained earningse.Other assetsk.Accumulated other comprehensivef.Current liabilities income?
____1.
Work in process inventory ____2.
Trademarks ____3.
Sales ____4.
Cash surrender value of life insurance policy ____5.
Additional paid-in capital on common stock ____6.
Deferred tax assets ____7.
Accumulated depreciation ____8.
Unrealized decrease in value in available for sale securities ____9.
Allowance for uncollectible accounts receivable ____10.
Interest payable ____11.
Sinking fund for preferred stock retirement ____12.
Bonds Payable (due in 10 years) ____13.Leased machinery under a capital lease ____ 14. Cost of goods sold?
Required:Using the letters (a-k), indicate in which section of the balance sheet each of the accounts (1-14) would be classified. Put parentheses around the letter used if it represents a contra account. If the account does not appear on the balance sheet, place an "X" in the space provided.
What will be an ideal response?
| 1. | a | 8. | k |
| 2. | d | 9. | (a) |
| 3. | X | 10. | f |
| 4. | b | 11. | b |
| 5. | i | 12. | g |
| 6. | e or a | 13. | c |
| 7. | (c) | 14. | X |
You might also like to view...
In the ________ task, the mutual benefits from the relationship are explored, making the "size of the pie" larger.
A. integrative B. distributive C. assessment D. reservation
The rate of interest that bonds pay based on face value is the ____________________ rate
Fill in the blank(s) with correct word
Explain why the correlation of output growth between the U.S. and Europe declined in the late 1980s and 1990s, even though the countries became more economically interdependent. What do you expect will happen to the correlation in the future?
What will be an ideal response?
When a service desk is run as a(n) ____ center, management's main objective is to minimize and eliminate expenses so that profits will be as high as possible.
A. cost B. profit C. external D. remote